Bayside Capital, a credit affiliate of HIG Capital, has invested, through an Italian securitisation, in a secured Italian non-performing loan (NPL) portfolio.
The loans are secured on a mix of residential and commercial real estate assets located mainly in the regions of Ravenna and Bologna.
Ahmed Hamdani, managing director in the UK at Bayside Capital, says: “We are pleased to make our first investment in the Italian market and to be working with Fare NPL in this transaction. We believe the Italian market presents excellent value and this transaction reflects HIG.’s commitment to growing its Continental European real estate and NPL business.”
Chris Zlatarev, director in the UK at Bayside Capital, says: “We are pleased to conclude this complex transaction originated by Cassa di Risparmio di Ravenna and structured also through our servicing partner Fare NPL. The transaction highlights our collaborative approach and we are already working on further transactions in the Italian market.”
This transaction is the first NPL acquisition in the Italian market by HIG Capital.